The CNMV approves the prospectus relating to the IPO of Cellnex Telecom

The CNMV approves the prospectus relating to the IPO of Cellnex Telecom

• The market capitalisation of Cellnex Telecom will be between 2.78 and 3.243 billion euros ac- cording to the official and non-binding price guidance, set between 12 and 14 euros per share.
• The free float of the Company may reach 60,5% in the event that, above the initial 55% listed, the 10% greenshoe option is fully exercised.
• The shares of Cellnex Telecom, reserved exclusively for institutional qualified investors in Spain as well as abroad, are expected to begin trading in the Spanish stock market on May 7. The final per-share opening price will be fixed on May 5.
• The Board of Directors, which is composed of 9 directors (the CEO, 4 executive and 4 independent), reflects the lack of a control shareholder in the new corporate structure, keeping Abertis as a reference shareholder.

Barcelona 23 of April 2015.- The Comisión Nacional del Mercado de Valores (CNMV), today approved the pro- spectus relating to the the offer to sale and admission to trade Cellnex Telecom shares. Abertis Infraestructuras, the Sole Shareholder of the Company, will sell shares representing a 55% stake in Cellnex Telecom, which can be increased to a maximum 60.5% if the greenshoe option of 10% above the initial offer is fully exercised. The sale of shares is solely to Spanish and foreign institutional investors and the Company is expected to debut on the four Spanish stock exchanges on May 7.
“With very favourable market conditions for telecommunications infrastructure operators, the IPO of Cellnex Telecom will help drive growth and consolidate its position of leadership in Europe. Abertis will retain a signifi- cant stake as a shareholder after the IPO as we believe in the long-term success of the Company,” said Francisco Reynés, Chairman of Cellnex Telecom and CEO of Abertis Infraestructuras.

“Our diversified and highly visible revenue streams, healthy pipeline of growth opportunities and experienced management team place us in an optimal position to maintain our growth trajectory. Looking ahead, we are seeing significant potential for growth in telecom site outsourcing in Europe, with very favourable underlying market dynamics,” says Tobias Martinez, CEO of Cellnex Telecom.
Abertis and Cellnex Telecom have jointly agreed with Morgan Stanley, Goldman Sachs and CaixaBank (as joint global coordinators), have a non-binding price range between 12 and 14 euros per share, which gives Cellnex Telecom a market value of between 2.78 and 3.243 billion euros. It is expected that the final price of the offer will be set on the 5th of May.
With the Company’s market listing, Cellnex Telecom aims to immediately reinforce its capacity for organic and inorganic growth as well as its leadership position in the European wireless infrastructure networks market. The listing will facilitate access to capital markets and new channels of financing to provide a solid foundation for its strategic development and internationalisation.

Corporate Governance: best practice and a project with international ambition
One of the main reasons behind the IPO, is to equip Cellnex Telecom with a mechanism to seize international exposure and growth opportunities, primarily in European markets, prior to the telecommunications sector’s consolidation process, and to develop greater efficiency in managing the infrastructure “stock” for large mobile operators.
This ambition is reflected in the Company’s governance structure which seeks to adopt Corporate Governance best practice with a compact, performance oriented Board of Directors comprised of 4 highly influential inde- pendent directors and 9 other Board members, those of which, and as a result of their origin (Italy, France, UK and Holland), have the appropriate background to give this corporate project thoroughly European credentials.
The four independent directors are: Giampaolo Zambeletti, former Executive Director at Telecom Italia and former advisor to Auna and Telekom Austria; Leonard Peter Shore, former Chairman of telecommunications infrastructure operator Arqiva; Pierre Blayau, Chairman of Caisse Centrale de Réassurance and director of Ca- nal+ (France) and the holding company Fimalac; and Bertrand Kan, former VP and executive director of the telecommunications practice at the investment bank Morgan Stanley.
It should also be noted that the Board of Committees will be chaired by independent directors with a majority of them at the heart of the Board structure.

Leadership position in the European market

Following the acquisition of Italian operator WIND’s telecommunications towers assets in March, Cellnex Telecom has become Europe’s leading independent operator of wireless telecommunications towers with a total portfolio of 15,170 towers, of which 7,472 are located in Spain and 7,698 in Italy.
Cellnex classifies its activities into three business areas: Infrastructure for mobile telephony; audiovisual broadcasting networks; network solutions for security and emergency organisations, smart cities and the “Internet of things” (IoT).
For the year ended 31 December 2014, the Group recorded 436 million euros in revenues and 178 million euros in earnings before interest, taxes, depreciation, and amortization (EBITDA). Of total revenues, broadcast infrastructure generated 57% (250.35 million euros); network services, 18% (79.16 million euros), and mobile tele-communications infrastructure 24% (106.5 million euros), which amounted to more than double the increase compared to 10.5% in 2013.
Cellnex Telecom expects that after the consolidation of the assets acquired in March 2015 from Wind and full integration of other acquisitions in 2014 and in principle 2015 in Spain, the proportionate revenue from the Mobile Telecommunications Infrastructure business will increase in the coming years and become the main driver of revenue generation for the Company.